Market announcement
AS LHV Group
LEI code
529900JG015JC10LED24
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Credit institution
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
9304
Attachments
Submission date and time
08.02.2022 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2021. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
AS LHV Group teenis 2021. aasta IV kvartalis konsolideeritult 19,3 miljonit eurot puhaskasumit. AS LHV Pank teenis puhaskasumit 18,6 miljonit eurot, sellest 3,7 miljonit eurot Ühendkuningriigi filiaaliga seotud klientide teenindamisest. AS LHV Varahaldus teenis puhaskasumit 3,0 miljonit eurot. AS LHV Kindlustus teenis 0,2 miljonit eurot puhaskahjumit. LHV UK Limited teenis 1,4 miljonit eurot puhaskahjumit. Grupi omakapitali tootlus (ROE) oli IV kvartalis 25,7%. Tulemuste poolest oli IV kvartal LHV jaoks rekordiline, tulusid mõjutas ka ühekordne pensionifondide edukustasu. Võrreldes eelmise kvartaliga kasvas grupi kasum 2,8 miljoni euro võrra (+17%), võrreldes IV kvartaliga aasta tagasi 1,3 miljoni euro võrra (+7%). Grupi konsolideeritud tulud olid IV kvartalis 42,7 miljonit eurot ehk 6,6 miljonit eurot rohkem kui III kvartalis (+18%) ja 7,2 miljonit eurot suuremad kui aasta varem (+20%). Samal ajal ulatusid kulud kokku 18,2 miljoni euroni, mida oli 3,0 miljoni euro võrra rohkem kui III kvartalis (+20%) ja 6,8 miljoni euro võrra rohkem kui 2020. aasta IV kvartalis (+60%). LHV Groupi konsolideeritud varade maht suurenes kvartaliga 5% ja ulatus aasta lõpuks 6,84 miljardi euroni. Grupi konsolideeritud hoiused suurenesid kvartaliga 351 miljoni euro võrra 5,81 miljardi euroni (+6%; +535 miljonit eurot III kvartalis). Konsolideeritud laenuportfell kasvas kvartaliga 128 miljoni euro võrra 2,68 miljardi euroni (+5%; +148 miljonit eurot III kvartalis). LHV poolt juhitud fondide koondmaht suurenes 65 miljoni euro võrra 1,35 miljardi euroni (+5%; -336 miljonit eurot III kvartalis). Finantsvahendajatest klientidega seotud töödeldud maksete arv ulatus IV kvartalis 7,3 miljoni makseni (+10% võrreldes 6,7 miljoni maksega III kvartalis). AS-i LHV Group 2021. aasta konsolideeritud puhaskasumiks kujunes 60,3 miljonit eurot ehk 20,4 miljonit eurot rohkem kui 2020. aastal (+51%). LHV Groupi aktsionäridele kuuluva omakapitali tulumaksueelne tootlus oli 2021. aastal 24,9% ja puhaskasumil põhineva omakapitali tootlus 21,1%. AS LHV Pank teenis aastaga 64,1 miljonit eurot puhaskasumit (12,2 miljonit eurot Ühendkuningriigi filiaaliga seotud klientide teenindamisest) ja AS LHV Varahaldus 0,7 miljonit eurot. AS LHV Kindlustuse puhaskahjum oli 2021. aastal 0,8 miljonit eurot ning LHV UK Limited puhaskahjum oli 3,0 miljonit eurot. Kasumiaruanne, tuhandetes eurodes IV kv 2021 IV kv 2020 12 kuud 2021 12 kuud 2020 ------------------------------------------------------------------------------- Neto intressitulu 28 163 19 893 97 319 68 492 ------------------------------------------------------------------------------- Neto teenustasutulu 15 252 14 183 43 479 33 351 ------------------------------------------------------------------------------- Neto finantstulud -914 1 316 -948 1 584 ------------------------------------------------------------------------------- Muud tegevustulud 177 57 530 120 ------------------------------------------------------------------------------- Tulud kokku 42 677 35 449 140 379 103 547 ------------------------------------------------------------------------------- Personalikulu -8 638 -6 368 -31 322 -23 914 ------------------------------------------------------------------------------- Kontorikulud -453 -239 -1 836 -798 ------------------------------------------------------------------------------- IT kulud -1 271 -964 -4 407 -3 343 ------------------------------------------------------------------------------- Turunduskulud -791 -475 -2 506 -1 822 ------------------------------------------------------------------------------- Muud tegevuskulud -7 093 -3 381 -25 111 -14 098 ------------------------------------------------------------------------------- Kulud kokku -18 247 -11 427 -65 183 -43 975 ------------------------------------------------------------------------------- Ärikasum 24 431 24 023 75 197 59 572 ------------------------------------------------------------------------------- Kasum enne allahindlusi 24 431 24 023 75 197 59 572 ------------------------------------------------------------------------------- Laenude allahindlus -1 694 -2 243 -3 948 -10 898 ------------------------------------------------------------------------------- Tulumaksukulu -3 395 -3 741 -10 986 -8 827 ------------------------------------------------------------------------------- Puhaskasum 19 342 18 039 60 263 39 847 ------------------------------------------------------------------------------- Vähemusosaluse osa 485 200 2 002 1 897 ------------------------------------------------------------------------------- Emaettevõtte aktsionäride osa kasumist 18 856 17 840 58 261 37 950 Bilanss, tuhandetes eurodes dets.21 sept.21 dets.20 --------------------------------------------------------------------- Raha ja raha ekvivalendid 3 987 312 3 769 432 2 393 537 --------------------------------------------------------------------- Finantsvarad 135 856 138 800 330 055 --------------------------------------------------------------------- Laenud klientidele 2 696 210 2 566 887 2 225 681 --------------------------------------------------------------------- Laenude allahindlus -19 049 -18 024 -16 858 --------------------------------------------------------------------- Nõuded klientide vastu 9 746 6 240 9 388 --------------------------------------------------------------------- Muud varad 34 856 32 279 29 604 --------------------------------------------------------------------- Varad kokku 6 844 930 6 495 615 4 971 407 --------------------------------------------------------------------- Nõudmiseni hoiused 5 648 013 5 198 733 3 635 166 --------------------------------------------------------------------- Tähtajalised hoiused 159 607 257 838 484 604 --------------------------------------------------------------------- Saadud laenud 546 280 563 203 468 585 --------------------------------------------------------------------- Võlgnevused klientidele 6 353 899 6 019 774 4 588 355 --------------------------------------------------------------------- Muud kohustused 55 852 86 137 27 776 --------------------------------------------------------------------- Allutatud laenud 110 378 110 383 110 000 --------------------------------------------------------------------- Kohustused kokku 6 520 130 6 216 294 4 726 131 --------------------------------------------------------------------- Omakapital 324 801 279 321 245 276 --------------------------------------------------------------------- sh vähemusosaluse osa 8 384 7 899 8 483 --------------------------------------------------------------------- Kohustused ja omakapital kokku 6 844 930 6 495 615 4 971 407 Lisaks LHV Varahalduse 2,6 miljoni euro suurusele edukustasule mõjutas kvartalitulemust kõige enam panga ärimahtude tugev kasv. Aasta kokkuvõttes edestas LHV Groupi kasum finantsplaani 6,4 miljoni euro võrra. 2021. aastal kasvas LHV Groupi konsolideeritud hoiuste maht 1,69 miljardi euro võrra (+41%) ja laenude maht 468 miljoni euro võrra (+21%). LHV juhitud fondide maht on pensionireformi mõjul aastaga vähenenud 188 miljoni euro võrra (-12%). Finantsvahendajatega seotud maksete arv on kasvanud 11 miljoni võrra (+70%). IV kvartalil kasvasid kõige enam tavaklientide hoiused. Finantsvahendajate hoiused suurenesid 61 miljoni euro võrra, samas kui hoiuseplatvormidelt kaasatud hoiuste jääk on kahanenud 7 miljonile. Laenude kasvust IV kvartalis moodustasid ettevõtete laenud 63 miljonit eurot ja jaelaenud 65 miljonit eurot. Krediidiportfell püsib hea, kogu laenuandmist finantseeritakse hoiustest. Kvartali jooksul sai LHV juurde üle 19 500 uue pangakliendi - aasta jooksul suurenes LHV Panga klientide arv 24% ehk ligi 63 200 võrra. Aasta lõpul oli LHV Pangal üle 321 000 kliendi. Kõrget klientide aktiivsust mõjutas pensionireform ja mitmed IPOd. Kvartali olulisematest sündmustest toodi esimese pangana Eestis klientideni krüptovaradega kauplemise võimalus, LHV Pank sai Euroopa otsekorralduste skeemi otseliikmeks ja ajakiri The Banker kuulutas LHV kolmandat aastat järjest parimaks pangaks Eestis. LHV Varahalduse II pensionisamba aktiivsete klientide arv tõusis pea 140 000 kliendini, samas on III samba klientide arv ületanud 30 000 kliendi piiri. Nii hallatavate varade maht kui ka LHV Varahalduse klientide arv langes aasta kokkuvõttes pensionireformi mõjul oodatust vähem. Aastaga teenis LHV Varahaldus II samba klientidele tootlusega puhastulu 126 miljonit eurot. Suurimate aktiivselt juhitud LHV pensionifondide M, L ja XL puhastootlus oli 2021. aastal vastavalt 5,3%, 9,0% ja 10,0% ning kuivõrd tulemused ületasid võrdlusindeksit, teenis LHV Varahaldus aasta lõppedes edukustasu, millega polnud uuendatud finantsplaanis arvestatud. LHV Kindlustus tõi IV kvartalis turule reisikindlustuse tooted, mille müüki alustati veebis ja otsemüügi kaudu. Kasvatati ka vahendajate hulka, kes LHV kindlustust pakuvad. Klientide arv kasvas IV kvartalis ligi 4000 võrra 143 000 kliendini. LHV Kindlustuse eesmärk on pakkuda parima kvaliteediga kahjukäsitlust ning IV kvartalis püsis klientide rahulolu kõrgel 95% tasemel. Kindlustuse tulemit mõjutas negatiivselt talveperioodist tingitud kahjude kasv. Ühendkuningriigis on plaanis esitada pangalitsentsi taotlus järelevalvele menetlemiseks veebruarikuu jooksul. Litsentsi taotlus, sellele eelnev dokumentide ettevalmistus ning paralleelne värbamine on toimunud plaanipäraselt. Grupi likviidsus ja kapitaliseeritus püsivad ning näitajad ületavad regulatiivsete ja sisemiste eesmärkide taset. Jaanuaris tõstis nõukogu sisemise kapitaliseerituse määra 0,5 protsendipunkti võrra. 2021. aasta lõpu seisuga oli AS LHV Groupi turuväärtus 1,29 miljardit eurot ning ettevõttel oli 20 400 aktsionäri. LHV Groupi juhataja Madis Toomsalu kommentaar: "LHV on jätkanud Eesti majanduse finantseerimist ja rahvusvahelist laienemist hoolimata vastuolulisest keskkonnast. 2021. aastal väljastasime uusi laenusid ettevõtetele summas 1,1 miljardit eurot ja eraisikutele summas 325 miljonit eurot. Seejuures finantseerisime peaaegu kolmandiku Eesti ettevõtetele aasta jooksul väljastatud laenudest. Lisaks tugevale laenukasvule nägime kiiret kasvu klientide arvus ja investeerimisteenuste kasutamises. Pensionifondide jaoks oli tegemist teise järjestikuse aastaga, kus suutsime tootlusega võrdlusindeksit edestada, turule tulime ka mitme uue kindlustustootega. Ühendkuningriigis pangalitsentsi taotlemine on edenenud vastavalt esialgsele plaanile, veebruaris soovime järelevalvele esitada ametliku taotluse. Väga hea meel on, et LHV on jätkuvalt hinnatud Eesti parimaks pangaks ning nüüd ka Eesti parimaks tööandjaks." AS-i LHV Group aruanded on saadaval aadressil: https://investor.lhv.ee/aruanded. Uue finantsplaani 2022. aastaks ja viieaastase prognoosi avalikustab LHV Group 15. veebruaril. Kvartali- ja 12 kuu tulemuste tutvustamiseks korraldab LHV Group veebiseminaride keskkonna Zoom kaudu investorkohtumise. Virtuaalne investorkohtumine toimub enne turu avanemist 8. veebruaril kell 9.00. Esitlus tehakse eesti keeles. Palume registreeruda aadressil: https://lhvbank.zoom.us/webinar/register/WN_0uK3c- RIQHO0vTPolQ1H3A. LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank, LHV Varahaldus ja LHV Kindlustus. LHV-s töötab üle 650 inimese. LHV pangateenuseid kasutab aasta lõpu seisuga 321 000 klienti, LHV hallatavatel pensionifondidel on 140 000 aktiivset klienti ja LHV Kindlustusega on kaitstud 143 000 klienti. LHV Ühendkuningriigi filiaal pakub panganduse taristut enam kui 180 rahvusvahelisele finantsteenuste ettevõttele, mille kaudu jõuavad LHV makseteenused klientideni üle terve maailma. Priit Rum LHV kommunikatsioonijuht Telefon: 502 0786 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
Unaudited financial results of LHV Group for Q4 and 12 months of 2021
Message
In Q4 2021, AS LHV Group earned EUR 19.3 million in consolidated net profit. AS LHV Pank earned EUR 18.6 million in net profit, of which EUR 3.7 million was from servicing clients related to the United Kingdom branch. AS LHV Varahaldus earned EUR 3.0 million in net profit. AS LHV Kindlustus earned EUR 0.2 million in net loss. LHV UK Limited earned EUR 1.4 million in net loss. The Group's return on equity in Q4 was 25.7%. In terms of results, Q4 was a record quarter for LHV, with revenue also impacted by a one-off pension fund performance fee. Compared to the previous quarter, the Group's profit increased by EUR 2.8 million (+17%) and compared to Q4 of the previous year, by EUR 1.3 million (+7%). The Group's consolidated revenue in Q4 was EUR 42.7 million, i.e. EUR 6.6 million more than in Q3 (+18%) and EUR 7.2 million more than a year earlier (+20%). At the time, total expenses amounted to EUR 18.2 million, which was EUR 3.0 million more than in Q3 (+20%) and EUR 6.8 million more than in Q4 of 2021 (+60%). The volume of consolidated assets of LHV Group increased by 5% quarter-on- quarter to EUR 6.84 billion at the end of the year. The Group's consolidated deposits increased by EUR 351 million to EUR 5.81 billion over the quarter (+6%; +EUR 535 million in Q3). Compared to the previous quarter, the consolidated loan portfolio increased by EUR 128 million to EUR 2.68 billion (+5%; +EUR 148 million in Q3). The total volume of funds managed by LHV increased by EUR 65 million to EUR 1.35 billion (+5%; -EUR 336 million in Q3). The number of processed payments from financial intermediaries amounted to EUR 7.3 million in Q4 (+10% compared to 6.7 million payments in Q3). The consolidated net profit of AS LHV Group in 2021 was EUR 60.3 million, i.e. EUR 20.4 million more than in 2020 (+51%). In 2021, the pre-tax rate of return on the equity owned by LHV Group's shareholders was 24.9%, while the return on equity based on net profit was 21.1%. Within the year, AS LHV Pank earned EUR 64.1 million (EUR 12.2 million from servicing clients related to the United Kingdom branch) and AS LHV Varahaldus earned EUR 0.7 million. The net loss of AS LHV Kindlustus in 2021 was EUR 0.8 million and net loss of LHV UK Limited was EUR 3.0 million. Income statement, EUR thousand Q4-2021 Q4-2020 12 months 2021 12 months 2020 ------------------------------------------------------------------------------- Net interest income 28 163 19 893 97 319 68 492 ------------------------------------------------------------------------------- Net fee and commission income 15 252 14 183 43 479 33 351 ------------------------------------------------------------------------------- Net gains from financial assets -914 1 316 -948 1 584 ------------------------------------------------------------------------------- Other income 177 57 530 120 ------------------------------------------------------------------------------- Total revenue 42 677 35 449 140 379 103 547 ------------------------------------------------------------------------------- Staff costs -8 638 -6 368 -31 322 -23 914 ------------------------------------------------------------------------------- Office rent and expenses -453 -239 -1 836 -798 ------------------------------------------------------------------------------- IT expenses -1 271 -964 -4 407 -3 343 ------------------------------------------------------------------------------- Marketing expenses -791 -475 -2 506 -1 822 ------------------------------------------------------------------------------- Other operating expenses -7 093 -3 381 -25 111 -14 098 ------------------------------------------------------------------------------- Total operating expenses -18 247 -11 427 -65 183 -43 975 ------------------------------------------------------------------------------- EBIT 24 431 24 023 75 197 59 572 ------------------------------------------------------------------------------- Earnings before impairment losses 24 431 24 023 75 197 59 572 ------------------------------------------------------------------------------- Impairment losses on loans and advances -1 694 -2 243 -3 948 -10 898 ------------------------------------------------------------------------------- Income tax -3 395 -3 741 -10 986 -8 827 ------------------------------------------------------------------------------- Net profit 19 342 18 039 60 263 39 847 ------------------------------------------------------------------------------- Profit attributable to non- controlling interest 485 200 2 002 1 897 ------------------------------------------------------------------------------- Profit attributable to share holders of the parent 18 856 17 840 58 261 37 950 Balance sheet, EUR thousand Dec 2021 Sept 2021 Dec 2020 ---------------------------------------------------------------------------- Cash and cash equivalents 3 987 312 3 769 432 2 393 537 ---------------------------------------------------------------------------- Financial assets 135 856 138 800 330 055 ---------------------------------------------------------------------------- Loans granted 2 696 210 2 566 887 2 225 681 ---------------------------------------------------------------------------- Loan impairments -19 049 -18 024 -16 858 ---------------------------------------------------------------------------- Receivables from customers 9 746 6 240 9 388 ---------------------------------------------------------------------------- Other assets 34 856 32 279 29 604 ---------------------------------------------------------------------------- Total assets 6 844 930 6 495 615 4 971 407 ---------------------------------------------------------------------------- Demand deposits 5 648 013 5 198 733 3 635 166 ---------------------------------------------------------------------------- Term deposits 159 607 257 838 484 604 ---------------------------------------------------------------------------- Loans received 546 280 563 203 468 585 ---------------------------------------------------------------------------- Loans received and deposits from customers 6 353 899 6 019 774 4 588 355 ---------------------------------------------------------------------------- Other liabilities 55 852 86 137 27 776 ---------------------------------------------------------------------------- Subordinated loans 110 378 110 383 110 000 ---------------------------------------------------------------------------- Total liabilities 6 520 130 6 216 294 4 726 131 ---------------------------------------------------------------------------- Equity 324 801 279 321 245 276 ---------------------------------------------------------------------------- Minority interest 8 384 7 899 8 483 ---------------------------------------------------------------------------- Total liabilities and equity 6 844 930 6 495 615 4 971 407 In addition to the performance fee of EUR 2.6 million of LHV Varahaldus, the strong growth in the business volumes of the bank had the biggest impact on the quarterly result. For the year as a whole, LHV Group's profit exceeded the financial plan by EUR 6.4 million. In 2021, LHV Group's consolidated deposits grew by EUR 1.69 billion (+41%) and the volume of loans by EUR 468 million (+21%). The volume of the funds managed by LHV has decreased by EUR 188 million (-12%) under the influence of the pension reform. The number of payments made by financial intermediaries has increased by EUR 11 million (+70%). Deposits from regular clients grew the most in Q4. Deposits from financial intermediaries grew by EUR 61 million, while the balance of deposits from the deposit platforms has decreased to EUR 7 million. Of the increase in loans in Q4, corporate loans accounted for EUR 63 million and retail loans EUR 65 million. The credit portfolio remains strong, with all lending funded by deposits. During the quarter, LHV gained over 19,500 new bank clients - within the year, the number of banking clients increased by 24%, i.e. by almost 63,200. As of the end of the year, LHV Pank had over 321,000 clients. The high level of client activity was influenced by the pension reform and several IPOs. Among the highlights of the quarter, LHV Pank was the first bank in Estonia to introduce crypto trading to its clients, LHV Pank became a direct member of the European Direct Debit Scheme, and The Banker magazine named LHV the best bank in Estonia for the third consecutive year. The number of active clients in the second pension pillar of LHV Varahaldus increased slightly to 140,000 clients, while the number of clients in the third pillar exceeded 30,000. Both the volume of assets under management and the number of clients of LHV Varahaldus fell less than expected as a result of the pension reform. Over the year, LHV Varahaldus generated net income of EUR 126 million for second pillar clients. The largest actively managed LHV pension funds, M, L, and XL, had a net rate of return of 5.3%, 9.0%, and 10.0%, respectively, in 2021, and as they outperformed the benchmark index, LHV Varahaldus earned a performance fee at the end of the year, which was not included in the updated financial plan. LHV Kindlustus launched travel insurance products in Q4, which were sold online and through direct sales. The number of intermediaries offering LHV's insurance was also increased. The number of clients increased by 4000 in Q4 to 143,000. LHV Kindlustus aims to provide the handling of claims with the best quality, and in Q4, client satisfaction remained at a high level amounting to 95%. The insurance result was negatively affected by an increase in losses due to the winter period. In the United Kingdom, an application for a banking licence is due to be submitted to the supervisory authority in February. The application for the licence, the preparation of the preceding documents, and the parallel recruitment have taken place as planned. The Group's liquidity and capitalisation remain stable and exceed regulatory and internal targets. In January, the Supervisory Board increased the internal capitalisation rate by 0.5 percentage points. As of the end of 2021, AS LHV Group has a market capitalisation of EUR 1.29 billion and 20,400 shareholders. Comment by Madis Toomsalu, the Managing Director of LHV Group: "LHV has continued to finance the Estonian economy and expand internationally despite a controversial environment. In 2021, we issued new loans to companies in the amount of EUR 1.1 billion and to private persons in the amount of EUR 325 million. In doing so, we financed almost a third of the loans issued to Estonian companies during the year. In addition to strong loan growth, we saw a rapid increase in the number of clients and the use of investment services. For pension funds, it was the second consecutive year in which we outperformed the benchmark index with the rate of return, and we also launched several new insurance products. The application for a banking licence in the United Kingdom has progressed according to the initial plan, and we aim to submit a formal application to the supervisory authority in February. I am very pleased that LHV continues to be rated the best bank in Estonia and now also the best employer in Estonia." The reports of AS LHV Group are available at: https://investor.lhv.ee/en/reports/. LHV will disclose the new financial plan for 2022, with a five-year forecast, on 15 February. In order to introduce the quarterly and 12-month results, LHV Group will be organising an investor meeting via the Zoom webinar environment. The virtual investor meeting will take place on 8 February at 9.00, before the market opens. The presentation will be in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN_0uK3c- RIQHO0vTPolQ1H3A. LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. LHV employs over 650 people. As of the end of the year, LHV's banking services are being used by 321,000 clients, the pension funds managed by LHV have 140,000 active clients, and LHV Kindlustus protects a total of 143,000 clients. LHV's UK branch offers banking infrastructure to 180 international financial services companies, via which LHV's payment services reach clients around the world. Priit Rum LHV Communication Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected])